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Global Payment Gateways Industry Market Analysis and Segmentation By End User (Large Enterprises, Micro and Small Enterprises, & Mid-Sized Enterprises), and by geography (North America, Latin America, Europe, Asia-Pacific, & Middle East) With Market Opportunity Assessment and Forecast 2016-2024
Payment processing system, a non-negotiable asset has to work seamlessly and without fail for every kind of business. While selecting the payment gateway certain parameters such as price, ease of use, hidden fees (if any), technical integration and complexity, available reporting, etc need to be considered. All major credit cards including Visa, MasterCard, Amex, Discover, JCB, Diner’s Club and EnRoute are accepted for payment methods. PayPal has a secure protocol designed to ensure enhanced security and strong authentication for consumers when they use their debit or credit cards for online purchases.
Goldstein Research analyst forecast the Payment Gateways Market size is set to reach USD 28.7 billion by 2024, at a CAGR of 14.1% over the forecast years. In-store mobile payments will reach USD 510 billion by 2024, reflecting a compound annual growth rate (CAGR) of 80% between 2016 and 2024.
Payment Gateways Market Segmentation
By End User
Micro and small enterprises
Based on Geography
North America (U.S. & Canada) Payment Gateways Market
Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Payment Gateways Market
Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Payment Gateways Market
Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Payment Gateways Market
Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Payment Gateways Market
Market Share by End-user & by Region
On the basis of the end user, large enterprises led the global payment gateways market and accounted for 59% of total payment gateways market due to the high demand for e-payment solutions to meet the rapidly changing scenario of transactions in the sectors such as telecommunications, banking, financial services, healthcare, and retail. Mid-sized enterprises tend to grow at the highest CAGR of 14.2% over the forecast period as payment gateways are penetrating the mid-sized and small enterprises with improved services and attractive offers.
Based on geography, North America held the highest share i.e. 40% in the Payment Gateways market in 2016 while APAC tends to be the fastest growing payment gateways market registering the CAGR of 8.1% owing increasing integration of payment gateways in the retail e-commerce sector and wider adoption of cloud technology in payment gateway solutions to impel the growth prospects of this market. India is one of the opportunistic markets for payment gateways due to the inclination towards the e-commerce and mobile wallet trends after the cash crunching situation of demonetization.
Trends, Drivers & Challenges to Market Growth
According to our global market study on the basis of extensive primary and secondary research: “One trend is the emergence of NFC (Near Field Communication) based payment technology as in light of the many recent credit card data breaches, now is an especially good time to present a solution that finally shields the wallets from theft and fraud. Now this technology is placed in more Android and Windows phones and Apple's iPhone 6, iPhone 6 Plus and Apple Watch -- NFC is more relevant than ever, especially when it comes to mobile payments”
According to the report, major driving factor for Payment Gateways Market is the growing e-commerce industry, propelled by rising smartphone penetration, the launch of 4G networks and increasing consumer wealth. For example, in India mobile wallets companies have turned out to be the single largest beneficiary of demonetization due to the adoption of payment gateways by shopkeepers, vegetable sellers and petrol pumps that lead to Paytm’s traffic increased by 435%, app downloads grew 200%, and there was 250% rise in overall transactions and transaction value.
Further, the report states the major challenge is the threat from open-source payment gateways as payment gateway company will have files on all sensitive customers’ data and are capable to potentially sell these data to interested parties without the customers knowing about it.
Covered In This Global Payment Gateways Market Report
The report covers the present ground scenario and the future growth prospects of the Payment Gateways Market for 2016-2024 along with the details of online transactions made using payment gateways in different verticals. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe.
Payment Gateways Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global Payment Gateways Market. The report also includes Porter's five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Payment Gateways Market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.
Key Market Players
Our global Payment Gateways Market report comprises of the following companies as the key players.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.